BATON ROUGE, La. (AP) — Louisiana's property insurer of last resort has offered to settle a dispute over the slow handling of claims from hurricanes Katrina and Rita in 2005 for up to $80 million.
The governing board of Louisiana Citizens Property Insurance Corp. approved the offer Thursday, which also would provide no more than $25 million of that total for attorney's fees.
The board was told that would cover about 25,000 policyholders who say Citizens did not begin adjusting their claims for hurricanes Katrina and Rita within 30 days as required by state law. Citizens has said that it was totally overwhelmed in starting the claims adjustment process after Katrina swamped much of the New Orleans area with floodwaters in August 2005 and Rita followed a month later with flooding in southwestern Louisiana.
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